Debt solutions that won't risk homes

People in financial difficulties should look into debt solutions that won't put their homes at risk, following new findings from the Office of Fair Trading (OFT).

The regulator is targeting lenders who make homeowners secure their debt against their home, even if the amount owed is as little as £600.

Financial companies can apply to the courts to secure these charging orders for when people have failed to keep up repayments on credit card debts and other unsecured loans.

Over the past five years, the number of charging orders has rocketed from 45,000 to 164,000, causing a number of people to sell their homes.

People with unsecured debt should look towards getting help from a debt management company, which may be able to provide debt solutions which won't put the family home at risk, such as an Individual Voluntary Arrangement, or IVA.

Debt problems - Household Finance Index

22/03/2011

Debt problems could put an even greater pressure on homewoners finances in the coming year, followin ...

Debt problems – energy debt

16/03/2011

People in the UK that are currently dealing with debt problems are having their situation made worse ...

Debt problems: advice options

09/03/2011

Britons who are having to deal with debt problems at present do have a broad range of outlets when i ...

Debt problems: water meter

01/03/2011

Debt problems that cause daily problems for the UK's consumers could be alleviated with the addition ...